Transparent Camels... Part II

NCUA Letter # 11-CU-12: "... NCUA CAMEL ratings remain the property of NCUA and should not be shared with third parties..."

Can you see through this?

Q: Are member-owners of the credit union considered to be "third parties"?

Q: If so, is it "transparent" to keep CAMEL ratings secret from the owners of a cooperative? 

Q: Is it reasonable?

Q: Is it fair?

Q: Is it honest?